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Wednesday, 04 December 19
FITCH RATINGS: CASH FLOW GENERATION TO SLOW DOWN FOR INDONESIAN COAL MINERS
 Fitch Ratings' negative outlook on the Indonesian coal-mining sector reflects our view of weaker cash flow generation on account of declining coal prices. Fitch has revised down its mid-cycle coal-price assumptions, and expects USD80 and USD73 for Qinghuangdao 5,500kcal/kg and Australia Newcastle 6,000kcal/kg thermal coal, respectively, in 2020 (2019E: USD86 and USD77). We expect capex intensity to remain low for the sector; however, acquisitions might pick up in 2020, leading to higher leverage. Profitability is also likely to remain low, in light of weaker coal prices.
Fitch's stable rating outlook reflects the outlook for the majority of our rated entities: PT ABM Investama Tbk (B+) and Geo Energy Resources Limited (B-) are on Negative Outlook, reflecting the entity-specific weaknesses which could be stretched further in the weaker-coal-price scenario.
According to Fitch Ratings, the impact of lower profitability on credit metrics would be partially offset by volume ramp-up by some entities, such as PT Golden Energy Mines Tbk (B+/Stable) and PT Bayan Resources Tbk (BB-/Stable), where both have adequate reserve lives similar to other bigger players such as PT Adaro Energy (BBB-/Stable) and PT Indika Energy Tbk (BB-/Stable). We expect declining reserves to remain an issue for Geo Energy, which might also trigger a put option of its bonds in the absence of any acquisition. ABM's reserve quality is also deteriorating as reserves from its key mine are likely to fully deplete in the next two to three years.
Fitch Ratings further noted that, regulatory risks remain a potential disrupting factor in Indonesia, but Fitch considers any major changes to regulation as an event risk. We believe the two rated coal-miners - Adaro and Indika - which have their Coal Contracts of Work (CCoW) expiring in 2022 and 2023, respectively, will be able to satisfy the conversion guidelines.
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Wednesday, 21 June 23
CHINA'S MAY COAL IMPORTS FROM AUSTRALIA RECOVER TO PRE-BAN LEVELS - REUTERS
Australian coal sales to China increased in May, as trade resumed between them even as overall coal demand weakened against an uncertain macroecono ...
Monday, 19 June 23
DROUGHT-DEPLETED HYDROPOWER DRIVES CHINA TO TURN TO COAL - REUTERS
China has leant hard on coal-fired power plants as well as wind and solar generators to make up for a shortfall in hydroelectric generation as a re ...
Monday, 19 June 23
CHINA COAL OUTPUT UP 4.2 PCT IN MAY - XINHUA
China’s raw coal output posted steady growth in May, official data showed.
The country produced 390 million tonnes of raw coal ...
Wednesday, 24 May 23
AMMONIA-FUELLED BULK CARRIERS WITHIN FIVE YEARS - BALTIC EXCHANGE
Within five years, ships powered by clean ammonia could be a feature on the iron ore trade routes between West Australia and East Asia.
A study ...
Tuesday, 23 May 23
CHINA'S APRIL COAL OUTPUT LEAPS 11% ON YEAR, BUT DEMAND DOWNTURN LOOMS - REUTERS
China’s daily coal output in April jumped 11% from the same month a year earlier, boosted by Beijing’s order to increase supply to ensu ...
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- GMR Energy Limited - India
- Independent Power Producers Association of India
- The Treasury - Australian Government
- Agrawal Coal Company - India
- Posco Energy - South Korea
- Maheswari Brothers Coal Limited - India
- SMC Global Power, Philippines
- Mercator Lines Limited - India
- Energy Link Ltd, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Larsen & Toubro Limited - India
- Coastal Gujarat Power Limited - India
- San Jose City I Power Corp, Philippines
- Thiess Contractors Indonesia
- PowerSource Philippines DevCo
- Electricity Authority, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IHS Mccloskey Coal Group - USA
- Cement Manufacturers Association - India
- South Luzon Thermal Energy Corporation
- Standard Chartered Bank - UAE
- Toyota Tsusho Corporation, Japan
- Kumho Petrochemical, South Korea
- Manunggal Multi Energi - Indonesia
- Lanco Infratech Ltd - India
- Salva Resources Pvt Ltd - India
- Baramulti Group, Indonesia
- Georgia Ports Authority, United States
- Goldman Sachs - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Simpson Spence & Young - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Metalloyd Limited - United Kingdom
- Sree Jayajothi Cements Limited - India
- Sindya Power Generating Company Private Ltd
- Ind-Barath Power Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- Sakthi Sugars Limited - India
- PTC India Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Africa Commodities Group - South Africa
- Indian Oil Corporation Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parry Sugars Refinery, India
- Global Business Power Corporation, Philippines
- ASAPP Information Group - India
- White Energy Company Limited
- Straits Asia Resources Limited - Singapore
- Parliament of New Zealand
- Aboitiz Power Corporation - Philippines
- Romanian Commodities Exchange
- Bangladesh Power Developement Board
- Sojitz Corporation - Japan
- Vijayanagar Sugar Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Malabar Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Kapuas Tunggal Persada - Indonesia
- Jindal Steel & Power Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Indogreen Group - Indonesia
- Meenaskhi Energy Private Limited - India
- Vizag Seaport Private Limited - India
- Minerals Council of Australia
- Price Waterhouse Coopers - Russia
- Bhatia International Limited - India
- Sical Logistics Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- London Commodity Brokers - England
- Karbindo Abesyapradhi - Indoneisa
- Borneo Indobara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Planning Commission, India
- Attock Cement Pakistan Limited
- The University of Queensland
- SN Aboitiz Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Banpu Public Company Limited - Thailand
- Wood Mackenzie - Singapore
- Pendopo Energi Batubara - Indonesia
- GVK Power & Infra Limited - India
- Australian Coal Association
- Altura Mining Limited, Indonesia
- Binh Thuan Hamico - Vietnam
- Marubeni Corporation - India
- Economic Council, Georgia
- Medco Energi Mining Internasional
- European Bulk Services B.V. - Netherlands
- Eastern Energy - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Eastern Coal Council - USA
- Billiton Holdings Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Vedanta Resources Plc - India
- Semirara Mining and Power Corporation, Philippines
- Coal and Oil Company - UAE
- Ministry of Transport, Egypt
- Ambuja Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- VISA Power Limited - India
- India Bulls Power Limited - India
- Global Coal Blending Company Limited - Australia
- Directorate General of MIneral and Coal - Indonesia
- Coalindo Energy - Indonesia
- Deloitte Consulting - India
- Ministry of Mines - Canada
- Therma Luzon, Inc, Philippines
- Barasentosa Lestari - Indonesia
- ICICI Bank Limited - India
- Bukit Baiduri Energy - Indonesia
- Grasim Industreis Ltd - India
- Merrill Lynch Commodities Europe
- Gujarat Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- Directorate Of Revenue Intelligence - India
- Electricity Generating Authority of Thailand
- Wilmar Investment Holdings
- Jaiprakash Power Ventures ltd
- Interocean Group of Companies - India
- Tata Chemicals Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Central Java Power - Indonesia
- McConnell Dowell - Australia
- Trasteel International SA, Italy
- Sinarmas Energy and Mining - Indonesia
- Makarim & Taira - Indonesia
- Indo Tambangraya Megah - Indonesia
- GAC Shipping (India) Pvt Ltd
- International Coal Ventures Pvt Ltd - India
- Renaissance Capital - South Africa
- Bulk Trading Sa - Switzerland
- Bayan Resources Tbk. - Indonesia
- IEA Clean Coal Centre - UK
- Central Electricity Authority - India
- Star Paper Mills Limited - India
- MS Steel International - UAE
- Indian Energy Exchange, India
- Power Finance Corporation Ltd., India
- Gujarat Sidhee Cement - India
- Bukit Asam (Persero) Tbk - Indonesia
- Latin American Coal - Colombia
- Meralco Power Generation, Philippines
- Mercuria Energy - Indonesia
- SMG Consultants - Indonesia
- Essar Steel Hazira Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Kideco Jaya Agung - Indonesia
- Savvy Resources Ltd - HongKong
- Sarangani Energy Corporation, Philippines
- Chamber of Mines of South Africa
- Rashtriya Ispat Nigam Limited - India
- Indika Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Intertek Mineral Services - Indonesia
- Heidelberg Cement - Germany
- Carbofer General Trading SA - India
- Bhoruka Overseas - Indonesia
- The State Trading Corporation of India Ltd
- Thai Mozambique Logistica
- Mintek Dendrill Indonesia
- Dalmia Cement Bharat India
- Kobexindo Tractors - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Videocon Industries ltd - India
- Xindia Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Ministry of Finance - Indonesia
- Rio Tinto Coal - Australia
- Port Waratah Coal Services - Australia
- Indonesian Coal Mining Association
- Orica Australia Pty. Ltd.
- Siam City Cement - Thailand
- Antam Resourcindo - Indonesia
- Karaikal Port Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- New Zealand Coal & Carbon
- Petron Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Development Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Edison Trading Spa - Italy
- Mjunction Services Limited - India
- Uttam Galva Steels Limited - India
- Siam City Cement PLC, Thailand
- Tamil Nadu electricity Board
- Madhucon Powers Ltd - India
- Iligan Light & Power Inc, Philippines
- Singapore Mercantile Exchange
- Anglo American - United Kingdom
- Bukit Makmur.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Bharathi Cement Corporation - India
- Aditya Birla Group - India
- Commonwealth Bank - Australia
- Ceylon Electricity Board - Sri Lanka
- Bhushan Steel Limited - India
- Kepco SPC Power Corporation, Philippines
- CNBM International Corporation - China
- TeaM Sual Corporation - Philippines
- Orica Mining Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Riau Bara Harum - Indonesia
- Formosa Plastics Group - Taiwan
- Globalindo Alam Lestari - Indonesia
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